Consolidation Services, Inc. Announces LOI For $35 Million Acquisition Of Oil & Gas Wells
LAS VEGAS, June 1 /PRNewswire-FirstCall/ -- Consolidation Services, Inc. ("CNSV") (OTC Bulletin Board: CNSV), an exploration and production company engaged in the acquisition, development and operation of domestic oil and gas mineral rights, has entered into a non-binding Letter of Intent to purchase a number of mineral leases in California for $35 million which represents ongoing current production equal to 265 barrels of oil per day and 485,000 cubic feet of natural gas per day accounting for over $300,000 a month in net revenue.
The LOI outlines the terms acceptable to both parties and serves as a basis for a definitive Purchase and Sales Agreement for the acquisition of oil and gas production, reserves and operations maintained under 6 mineral rights leases. If completed, the acquisition will represent a significant and material increase in current production, proven reserves and revenue for CNSV. Management anticipates closing on the acquisition during the third quarter 2010.
Consolidation Services, Inc. is engaged in the exploration, acquisition, development, production and marketing of natural gas and crude oil in North America. The Company, founded in 2007, is based in Las Vegas, Nevada. The Company currently owns oil and gas wells along with oil and gas mineral rights on approximately 13,500 acres in eastern Kentucky and Tennessee. Consolidation Services, Inc. is attempting to build shareholder value through further acquisition and exploration of domestic energy resources.For more information, please visit www.consolidationservicesinc.com or www.CSI-Energy.net Forward Looking Statement This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and under the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this press release are forward-looking statements. Without limiting the foregoing, the words "believe," "anticipate," "plan," "expect," "seek," "potential", "estimate" and similar expressions are intended to identify forward-looking statements. These statements relate to future events or to the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV